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May 28, 2019

STANBIC IBTC BANK NIGERIA ENTERPRISES LOANS

  1. SME Overdrafts

Their business Overdraft helps you make payments from your business current account when the amount exceeds the available cash balance. You only pay interest on the money you use, not on the full amount at which your limit is set. It covers short-term financing requirements only and it is easy to arrange.

Benefits

  • It is a convenient way to deal with unexpected spending and bills.
  • It is a flexible form of credit which means you can use the money at any time during your agreed overdraft term.
  • You pay interest only on the amount of the loan that you have used.

Requirements

  1. The full names and roles within the business of those who will sign the finance deal.
  2. The CV of each member of the management team.
  3. The reason you need the overdraft.
  4. Your business’ financial statements, including an income statement, balance sheet and cash flow statements.
  5. Personal statements of assets and liabilities of all the partners, members or directors
  6. A 12-month cash flow estimate.

 

  1. Business Loan

Their Business Loan provides funds which you can repay over one to five years. You repay the loan in monthly set installments. Whatever your business plans, their fixed or revolving business loans can help you reach your goals.

Benefits

  • Where you use the loan to buy an asset, the asset becomes yours when you make the last payment.
  • The repayments are structured to suit your business’ cash flow.
  • You’ll get access to affordable insurance for your loan.

Requirements

  1. The full names and capacities of those who will sign
  2. CV of each member of the management team.
  3. The reason why you need the finance.
  4. Your business’ financial statements, including an income statement, balance sheet and cash flow statements.
  5. Personal statements of assets and liabilities of all the partners, members or directors.
  6. A 12 month cash flow forecast.
  7. The amount of your own contribution and the source of the funds.
  8. If you do not have a business account with Stanbic IBTC Bank you must provide the business’ bank statements for the past six months.

If your business needs short-term financing then a Fixed Term Loan (FTL) may be useful. It’s a loan that offers you the same interest rate and repayments throughout the term of the loan. This type of loan does not need any collateral and you will know the exact date on which the repayments end.

With a Revolving Term Loan your monthly payments are fixed but there is no specific payment period. You will have several payment options every month and you will have access to the money that has not been used.

 

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